MBND vs. JPMB
MBND (SPDR Nuveen Municipal Bond ETF) and JPMB (JPMorgan USD Emerging Markets Sovereign Bond ETF) are both exchange-traded funds - MBND is a Municipal Bonds fund actively managed by State Street, while JPMB is a Emerging Markets Bonds fund tracking the J.P. Morgan Emerging Markets Risk-Aware Bond Index. MBND is actively managed, while JPMB is passively managed. Over the past 5 years, MBND returned 0.18%/yr vs 1.08%/yr for JPMB. Their 0.47 correlation means their historical movements had little consistent relationship. MBND charges 0.40%/yr vs 0.39%/yr for JPMB.
Performance
MBND vs. JPMB - Performance Comparison
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Returns By Period
In the year-to-date period, MBND achieves a -0.25% return, which is significantly lower than JPMB's 0.76% return.
MBND
- 1D
- -0.16%
- 1M
- -1.70%
- 6M
- -1.05%
- YTD
- -0.25%
- 1Y
- 3.35%
- 3Y*
- 3.02%
- 5Y*
- 0.18%
- 10Y*
- —
- ALL TIME*
- 0.42%
JPMB
- 1D
- -0.09%
- 1M
- -1.48%
- 6M
- 0.58%
- YTD
- 0.76%
- 1Y
- 6.64%
- 3Y*
- 6.85%
- 5Y*
- 1.08%
- 10Y*
- —
- ALL TIME*
- 2.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $317.74K | $415.08K | $340.28K | |
| $354.99K | $234.86K | $188.93K |
MBND vs. JPMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MBND SPDR Nuveen Municipal Bond ETF | -0.25% | 2.90% | 2.75% | 5.62% | -8.61% | 0.49% |
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 0.76% | 13.73% | 1.46% | 9.48% | -16.05% | -1.14% |
Correlation
The correlation between MBND and JPMB is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.54 |
Correlation (3Y) Balances recent behavior with more history. | 0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021 | 0.47 |
The correlation between MBND and JPMB has been stable across timeframes, ranging from 0.47 to 0.56 - a consistent structural relationship.
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Return for Risk
MBND vs. JPMB — Risk / Return Rank
MBND
JPMB
MBND vs. JPMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ETF (MBND) and JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MBND | JPMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.24 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 1.54 | -0.09 |
| Martin ratioReturn relative to average drawdown | 4.37 | 6.27 | -1.90 |
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Drawdowns
MBND vs. JPMB - Drawdown Comparison
The maximum MBND drawdown since its inception was -13.18%, smaller than the maximum JPMB drawdown of -26.33%. Use the drawdown chart below to compare losses from any high point for MBND and JPMB.
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Drawdown Indicators
| MBND | JPMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.18% | -26.33% | +13.15% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -4.61% | +2.17% |
Max Drawdown (3Y)Largest decline over 3 years | -4.57% | -6.63% | +2.06% |
Max Drawdown (5Y)Largest decline over 5 years | -13.16% | -26.16% | +13.00% |
Current DrawdownCurrent decline from peak | -1.97% | -1.69% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -4.09% | -6.94% | +2.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 1.12% | -0.32% |
Volatility
MBND vs. JPMB - Volatility Comparison
The current volatility for SPDR Nuveen Municipal Bond ETF (MBND) is 0.92%, while JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) has a volatility of 1.27%. This indicates that MBND experiences smaller price fluctuations and is considered to be less risky than JPMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MBND | JPMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 1.27% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 2.29% | 4.62% | -2.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.78% | 5.40% | -2.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.53% | 8.95% | -5.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 9.59% | -6.17% |
MBND vs. JPMB - Expense Ratio Comparison
MBND has a 0.40% expense ratio, which is higher than JPMB's 0.39% expense ratio.
Dividends
MBND vs. JPMB - Dividend Comparison
MBND's dividend yield for the trailing twelve months is around 3.52%, less than JPMB's 5.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 5.37% | 6.71% | 6.32% | 5.99% | 4.94% | 4.29% | 4.29% | 4.51% | 4.58% |
MBND SPDR Nuveen Municipal Bond ETF | 3.22% | 3.43% | 2.72% | 2.53% | 1.61% | 1.62% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MBND and JPMB have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JPMB has higher volatility (1.27%) compared to MBND (0.92%). In terms of maximum drawdown, MBND dropped -13.18% vs JPMB's -26.33%.
On 5-year performance, JPMB leads with 1.08% vs 0.18% for MBND. On fees, JPMB is cheaper at 0.39% per year. On volatility, MBND has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JPMB has performed better with a 1.08% return vs 0.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPMB is cheaper with a 0.39% expense ratio, compared with 0.40% for MBND.
JPMB has the higher dividend yield at 5.37%, compared with 3.22% for MBND.
MBND is categorized as Municipal Bonds, while JPMB is Emerging Markets Bonds. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.40% for MBND and 0.39% for JPMB.
JPMB currently has the higher Sharpe Ratio (1.31 vs 1.27), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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